A resident of Naroda in Ahmedabad has fallen victim to a sophisticated online fraud, losing a staggering sum of Rs 12.06 lakh to cybercriminals who promised high returns through stock market investments. The scam, which unfolded over a period of time, involved a fake trading application and a carefully orchestrated trap set on WhatsApp.
The Modus Operandi: A Trap Set on WhatsApp
The incident began when the complainant clicked on a link that led to his addition to a WhatsApp group. In the group, he was approached by a person posing as a financial advisor. "A girl contacted me, promising high returns on investments in the stock market," the victim stated in his complaint. The offer seemed legitimate and too lucrative to ignore.
To build trust, the fraudsters encouraged an initial small investment. The complainant invested Rs 10,000 and, to his surprise, saw a profit of Rs 950 reflected in the app the very next day. This quick and seemingly easy gain was a classic psychological ploy to establish credibility and hook the victim.
The Downward Spiral: Trust Leads to Massive Loss
Encouraged by the initial success, the victim's confidence in the scheme grew. Over the following days and weeks, he continued to pour more money into the platform, convinced by the fake profits shown on the application. The transactions multiplied, and the total investment ballooned to Rs 12.06 lakh.
The truth, however, emerged when he attempted to withdraw his accumulated profits. The fraudsters, employing a common tactic in such scams, began making excuses. They demanded additional payments for various fabricated reasons like taxes, processing fees, or account verification charges. Subsequently, his account and funds were put on hold indefinitely, cutting off all access.
Legal Action and a Warning to the Public
Realizing he had been cheated, the Naroda resident approached the authorities. On Saturday, a formal complaint was registered with the Cybercrime police in Ahmedabad, who have now initiated an investigation into the matter.
This case highlights several red flags that citizens must be aware of:
- Unsolicited offers via WhatsApp or other messaging platforms.
- Promises of guaranteed or unusually high returns with minimal risk.
- Pressure to invest quickly or pay extra fees to access your own money.
- Use of unofficial or fake applications for financial transactions.
Authorities advise the public to only use SEBI-registered platforms for stock market investments and to thoroughly verify any unsolicited financial advice received online. The Ahmedabad cybercrime unit is working to trace the digital footprints left by the accused individuals.
